Acorda Therapeutics, Inc. (Nasdaq: ACOR)
today announced it has completed its acquisition of Civitas Therapeutics
and obtained global rights to CVT-301, a Phase 3 treatment candidate for
OFF episodes of Parkinson’s disease. The acquisition also included
rights to the proprietary ARCUS® pulmonary delivery
technology, and a manufacturing facility with commercial-scale
capabilities based in Chelsea, MA. Under the terms of the acquisition
agreement, Acorda paid $525 million in cash to acquire Civitas.
About Acorda Therapeutics
Founded in 1995, Acorda Therapeutics is a biotechnology company focused
on developing therapies that improve the lives of people with
neurological disorders.
Acorda markets three FDA-approved therapies, including AMPYRA® (dalfampridine)
Extended Release Tablets, 10 mg, a treatment to improve walking in
patients with multiple sclerosis (MS), as demonstrated by an increase in
walking speed. The Company has one of the leading pipelines in the
industry of novel neurological therapies. Acorda is currently developing
seven clinical-stage therapies and one preclinical stage therapy. This
pipeline addresses a range of disorders including chronic post-stroke
walking deficits, Parkinson’s disease, epilepsy, neuropathic pain,
stroke, peripheral nerve damage, spinal cord injury, and heart failure.
For more information, please visit the Company’s website at: www.acorda.com.
Forward-Looking Statements
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, regarding
management's expectations, beliefs, goals, plans or prospects should be
considered forward-looking. These statements are subject to risks and
uncertainties that could cause actual results to differ materially,
including the ability to realize the benefits anticipated from the
Civitas transaction and to successfully integrate Civitas' operations
into our operations; our ability to successfully market and sell Ampyra
in the U.S.; third party payers (including governmental agencies) may
not reimburse for the use of Ampyra or our other products at acceptable
rates or at all and may impose restrictive prior authorization
requirements that limit or block prescriptions; the risk of unfavorable
results from future studies of Ampyra or from our other research and
development programs, including CVT-301, Plumiaz, or any other acquired
or in-licensed programs; we may not be able to complete development of,
obtain regulatory approval for, or successfully market CVT-301, Plumiaz,
or any other products under development; we may need to raise additional
funds to finance our expanded operations and may not be able to do so on
acceptable terms; the occurrence of adverse safety events with our
products; delays in obtaining or failure to obtain regulatory approval
of or to successfully market Fampyra outside of the U.S. and our
dependence on our collaboration partner Biogen Idec in connection
therewith; competition; failure to protect our intellectual property, to
defend against the intellectual property claims of others or to obtain
third party intellectual property licenses needed for the
commercialization of our products; and, failure to comply with
regulatory requirements could result in adverse action by regulatory
agencies.
These and other risks are described in greater detail in Acorda
Therapeutics' filings with the Securities and Exchange Commission.
Acorda may not actually achieve the goals or plans described in its
forward-looking statements, and investors should not place undue
reliance on these statements. Forward-looking statements made in this
release are made only as of the date hereof, and Acorda disclaims any
intent or obligation to update any forward-looking statements as a
result of developments occurring after the date of this release.
Copyright Business Wire 2014